Due Diligence: Paraguay is not making Bitcoin legal tender anytime soon.

Recently a lot of posts keep mentioning how "Paraguay is embracing BTC", or how "Paraguay making Bitcoin legal tender" or "Paraguay leading the charge on BTC adoption".

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This is, yet again, a narrative getting spinned out of control from misinformation, innocence, lack of knowledge about anything political, and a deep desire to see investments doing something palpable.

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Paraguay is not (yet) embracing anything. It's one lonely congressman (actually not that lonely, there are a total of 4 members of his party sitting on Congress, out of 80 Senators and 80 Deputies) who's talking about proposing a bill that, if passed/approved by both legislative houses, would then need to be passed/approved by the sitting President.

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I'll try to do this point by point:

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• Paraguay is a Presidential Republic, meaning the government is divided in 3 major branches: Executive, Legislative, Judiciary. New laws have to be passed on the Legislative and then approved by the Executive.
• The Legislative branch is composed by two Houses: the Deputy House (similar to the US House of Representatives) and the Senate.
• On this official Paraguayn government website you can see all the sitting Deputies and Senators.
• Carlitos Rejala, the congressman who's talking about proposing a bill is a member of the Political Party "Hagamos". Out of 80 deputies, Hagamos has two deputies sitting. Out of 80 senators, Hagamos has two senators. That's barely considerable political power to have an effect on major legislations.
• Carlitos Rejala hasn't even proposed the "Bitcoin bill" yet. And in all likelyhood, if and when he does, it's probably not going to get anywhere and be ignored by the Legislative Houses. And, in the unlikely event that it's approved, it still needs to be approved by the Executive branch.
• Carlitos Rejala is supposed to introduce (propose) a "bitcoin bill" on July 14th (3 days from now). This does not mean anything, the bill will still have to be voted on by both Legislative Chambers and then be approved by the Presidency before it takes any effect.

TLDR: Paraguay is not "adopting Bitcoin" any time soon.